Housing market
A mood
of modest
optimism
Savills is seeing early signs of a recovery of the market in
the prime areas of central London and the countryside.
Graham Norwood discovers more encouraging trends
ummer is in the air – and so is change. time by a further year – the first areas will not
S
Savills has won a reputation in the see price growth until 2010 but most must wait
past two years for ‘telling it as it is’ on until at least 2011.
the housing market, even when the Yet there are signs that the market is now
truth is painful. So, for Yolande entering the first of four stages of recovery (see
Barnes, of the company’s residential panel, page 9). The prime markets in central
research team, to talk of ‘a mood of modest London and the countryside are already seeing
optimism’ is indeed good news. price falls becoming less severe. In particular,
“Our agents are currently reporting that the business in the capital has been boosted by
number of buyer inquiries is significantly up and buyers able to take advantage of reduced prices
transforming into transactions. It may be that as well as the enticing exchange rates.
the adjustment of house prices has shortened “Investment funds are also starting to be
the period of falls being experienced. This attracted, recognising the historic medium-
suggests that the bottom of the market – in the term to long-term out-performance by prime
prime sector – is in sight,” she says. central London property over other markets
Barnes stresses that this is not a cause for and asset classes,” explains Lucian Cook, of
complacency. Savills’ forecast of price falls of 25 Savills Research.
per cent from the 2007 peak remains in place, One reason for funds’ involvement now, and
and the UK economy has stretched its recovery a possible incentive for other investors in the
savills ultimate property collection 7
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132